US Embassy in Seoul halts new interviews ahead of impending stricter student visa policy SEOUL, May 29 (AJP) - The U.S. Embassy in Seoul has reportedly halted the scheduling of new interviews for student visa applicants. This appears to be related to reports that the U.S. government has instructed its embassies and consular offices overseas to temporarily suspend such procedures as it prepares to mandate social media screening for students planning to study in the U.S. The embassy's website no longer shows available dates for those seeking to schedule interviews for student visas, according to posts on online communities here. The embassy merely said it will proceed with previously scheduled interviews, but new interview appointments are expected to be delayed, although applicants may still apply. The development came after U.S. news outlet Politico reported on Tuesday that the U.S is "weighing requiring all foreign students applying to study in the United States to undergo social media vetting," citing an internal cable signed by the Secretary of State Marco Rubio. The U.S. State of Department also announced the following day a "new visa restriction policy that will apply to foreign nationals who are responsible for censorship of protected expression" in the U.S. The move follows a recent ban preventing the country's prestigious Harvard University from admitting non-U.S. students, amid a broader crackdown on pro-Palestine and other foreign students that has led to visa revocations and deportations. 2025-05-29 14:48:04

GM Korea to sell local facilities, reigniting withdrawal concerns SEOUL, May 29 (AJP) - General Motors plans to sell a number of its service centers and underused production facilities in South Korea in a bid to streamline operations, a move that has reignited concerns about the automaker’s long-term commitment to its Korean unit. This came just hours after GM’s U.S. headquarters unveiled a sweeping $888 million investment in its Tonawanda engine plant in Buffalo, N.Y., marking a renewed focus on internal combustion engine production in the United States — and underscoring a stark contrast in strategic priorities across the Pacific. GM Korea informed employees Wednesday that it would begin the sequential sale of nine company-operated service centers across the country. It also plans to dispose of idle assets and underutilized facilities at its sprawling Bupyeong plant, once a cornerstone of GM’s global manufacturing network. “The sale of these assets is intended to maximize the value of underused property and to rationalize loss-making service center operations,” said Hector Villarreal, president of GM’s Asia Pacific and Korea operations. “This is critical to ensuring the sustainability of our operations.” The Korean divestitures stand in sharp relief to the company’s expanding footprint in the U.S. GM’s latest investment will fund the production of its sixth-generation V-8 engines — destined for use in pickup trucks and SUVs — and is expected to create 870 jobs, including 177 roles that had been at risk due to the company’s prior shift toward electric vehicles, New York Governor Kathy Hochul said in a statement. GM had initially earmarked $300 million for EV-related production at the same Buffalo-area plant but has since abandoned those plans, signaling a broader pivot back toward gasoline-powered engines amid cooling demand for electric vehicles. Industry analysts say the asymmetry in GM’s global strategy mirrors the company’s track record of exiting less profitable markets. Over the past decade, GM has withdrawn from Australia, Indonesia, Thailand, India, and much of Europe, often shuttering factories or selling operations after profitability waned. In South Korea, the company closed its Gunsan plant in 2019, citing poor performance. More recently, GM sold its stake in Ultium Cells — a battery joint venture with LG Energy Solution — as electric vehicle demand softened. “GM Korea exports more than 90 percent of its output to the U.S., making it essentially a factory that exists for America,” said an industry official who spoke on condition of anonymity. “If U.S. tariff policies diminish its cost advantage, it wouldn’t be surprising if GM decided to withdraw sooner rather than later — despite public denials.” 2025-05-29 14:19:01

Korean biotech firms eye share of expanding gene therapy market SEOUL, May 29 (AJP) - South Korean biotechnology companies are stepping up efforts to stake a claim in the burgeoning global gene therapy market, which is projected to swell to approximately $366 billion by 2032, according to a new industry report. The Korea Biotechnology Industry Organization has released an analysis citing data from the market research firm MarketsandMarkets, projecting the sector will grow at a compound annual rate of 19.4 percent — rising from $72 billion in 2023. Gene therapy, which seeks to modify or replace defective genes to treat disease, has gained momentum as medical research deepens and global investment accelerates. Among the various modalities, gene silencing therapies accounted for the largest share of the market last year, generating roughly $34 billion in revenue, or 47.7 percent of the total. Gene augmentation therapies followed with $21 billion, while cell replacement treatments contributed around $15 billion. The report also highlighted the dominance of the neurological segment, which represented 57.4 percent of the market — equivalent to about $41 billion — driven by increasing incidence of chronic diseases and a growing appetite for advanced therapeutic options. “The diversity of approved and commercialized treatments, along with high therapeutic efficacy for major neurological diseases, has driven growth in this sector,” the report noted. North America retained its position as the global leader, with market revenue of approximately $36 billion, underpinned by robust biopharmaceutical manufacturing infrastructure, active drug development pipelines, and significant R&D investment. In South Korea, industry leaders are making strategic moves to align with global trends. Samsung Bioepis, a major biosimilar producer, has identified gene therapy as a central pillar of its future growth strategy. ABL Bio, traditionally focused on antibody treatments, is expanding its pipeline to include gene therapy platforms. Meanwhile, RNA-based biotech firm Rznomics recently entered into a high-profile licensing agreement with Eli Lilly. The deal, valued at more than $19 billion, centers on precision RNA therapies aimed at treating hereditary hearing loss — marking one of the most significant cross-border biotech collaborations to date. 2025-05-29 11:40:37

Bank of Korea slashes interest rates as growth outlook dims sharply SEOUL, May 29 (AJP) - South Korea’s central bank lowered its benchmark interest rate by a quarter percentage point on Thursday, the latest in a series of moves aimed at propping up a flagging economy that is on track for its weakest performance in years. The Bank of Korea reduced the policy rate to 2.50 percent, its fourth cut in just seven months. The move comes amid mounting evidence of a slowdown, including a 0.2 percent contraction in gross domestic product during the first quarter, and follows a revised 2025 growth forecast of just 0.8 percent — down sharply from an earlier estimate of 1.5 percent. The bank’s downgraded outlook is notably more pessimistic than that of the Organization for Economic Cooperation and Development, which projects 1.5 percent growth, and the International Monetary Fund’s estimate of 1.0 percent. The timing of the rate cut — less than a week before a hotly contested presidential election — underscores the urgency of the economic challenges facing policymakers. Weighed down by sluggish domestic consumption and a slowdown in construction investment, the South Korean economy has struggled to regain momentum even as inflation pressures have eased. Adding to the headwinds are deteriorating export conditions, fueled in part by rising trade tensions with the United States. The Bank of Korea’s decision reflects a growing consensus among officials that additional monetary stimulus is needed to bolster confidence among businesses and consumers. "The economic conditions have turned out worse than expected, with various institutions continuously revising down their growth outlook for Korea," said Cho Young-moo, an economist at LG Economic Research Institute. The current easing cycle began last fall, when the BOK delivered back-to-back 0.25 percentage point cuts in October and November — its first consecutive reductions since the 2008 global financial crisis. After holding rates steady in January, the bank cut again in February before pausing in April. A stabilization in the Korean won has also given policymakers more leeway to ease. The currency, which had weakened sharply to nearly 1,490 to the dollar in April amid peak trade war fears, has since recovered to around 1,360. Still, concerns about the side effects of aggressive monetary easing remain. Property prices and household debt have both shown signs of acceleration, with major banks reporting an increase in household lending of 3.4 trillion won (about $2.5 billion) in May alone. The widening interest rate gap between South Korea and the United States — now at 2 percentage points — also raises the risk of capital outflows and renewed currency pressure, potentially undermining the central bank’s policy goals. Cho cautioned that the impact of the latest rate cut may be muted. “Lending conditions remain tight,” he said. “It’s questionable whether households and businesses can significantly increase borrowing just because rates have fallen a bit.” 2025-05-29 11:22:27

Early voting for next week's presidential election gets underway SEOUL, May 29 (AJP) - Early voting for the upcoming presidential election began at about 3,500 polling stations nationwide on Thursday, as South Koreans prepare to head to the polls next week to elect the country's next president. The two-day early voting period runs through Friday, allowing voters to cast a ballot at any polling station nationwide between 6 a.m. and 6 p.m., regardless of their registered address, as long as they present a valid ID. Out of 44.39 million eligible voters, 3.11 million cast their ballots as of 11 a.m., showing a record turnout of 7 percent, the highest by that time, compared to 5.38 percent in the 2022 presidential election. Voters can find information about the nearest polling locations on the website of election watchdog National Election Commission (NEC) as well as through several mobile apps. The NEC will also provide hourly updates on voter turnout to enhance transparency and dispel any suspicions of fraud or vote rigging. According to the NEC, no one is allowed to cause disturbances, support or oppose candidates, or solicit votes within 100 meters of polling stations. Taking pictures of ballots inside election booths, as well as posting them on social media, is also prohibited. Violators can face up to two years in prison or fines of up to 400 million won (US$2,900). Meanwhile, presidential candidates have been making all-out efforts to garner as much support as possible, encouraging people to vote early. As a show of determination to win the race, Kim Moon-soo, the presidential candidate of the ruling People Power Party (PPP), cast his early vote in Gyeyang, Incheon, the constituency of his rival Lee Jae-myung of the main opposition Democratic Party (DP), who remains far ahead in most polls. Kim hopes to come from behind to reverse the race, despite his desperate last-minute efforts to unite with Lee Jun-seok of the minor centrist Reform Party (RP) falling through the previous day. The DP candidate also voted the same day at a polling station in Sinchon, Seoul, while the younger Lee cast his vote in Hwaseong, Gyeonggi Province. Kwon Young-kook of the minor progressive Democratic Labor Party voted in Yeosu, South Jeolla Province. As the snap election follows the premature ouster of former disgraced President Yoon Suk Yeol over his botched martial law debacle late last year, polling hours on June 3 will be extended by two hours from 6 a.m. to 8 p.m. According to a survey of over 1,500 voters nationwide conducted by pollster Gallup Korea over the last weekend, some 86.8 percent of respondents said they would "definitely vote," while around 9.5 percent said they intend to do so "if possible." More than half or 53.6 percent said they plan to vote on election day, with the rest intending to vote early. 2025-05-29 10:41:16

CJ's billion-dollar bet on culture, cuisine pays off Editor's Note: This article is the 20th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, May 28 (AJP) - Long before it became a champion of Korean cinema and cuisine, CJ Group began life amid the rubble of war as a modest sugar producer. Today, the company stands as a cultural and economic heavyweight, with its fingerprints on everything from Oscar-winning films to frozen dumplings found in American grocery stores. Founded in 1955 as Cheil Jedang — meaning “first sugar manufacture” — the firm was the first manufacturing subsidiary of Samsung, launched by the conglomerate’s founder, Lee Byung-chul. In its early days, CJ provided critical staples for a country struggling to rebuild after the Korean War, opening South Korea’s first flour mill and a sugar refinery in Busan. Over the ensuing decades, it expanded into artificial seasonings and livestock feed, laying the groundwork for what would become a sprawling empire. The company's transformation took shape in the 1990s, when Cheil Jedang split from Samsung. Under the stewardship of Lee Jay-hyun, a grandson of the Samsung founder, the company formally rebranded as CJ Group in 2002 and began an aggressive diversification campaign. What followed was the birth of a modern Korean conglomerate that would place culture at the center of its global ambitions. “CJ doesn’t just make food or film,” said a company spokesperson. “We aim to export the Korean lifestyle.” Indeed, CJ was instrumental in constructing South Korea’s entertainment infrastructure. It launched CGV, the country’s first multiplex cinema, in 1998, and soon after established a home shopping network. But its most significant move came through a strategic $300 million investment in DreamWorks in the late 1990s. That bet — engineered by Lee Jay-hyun’s sister, Miky Lee — gave the company a front-row seat to Hollywood and the insights needed to bring Korean content to a global stage. That experience culminated in a watershed moment: the global triumph of Parasite, which CJ distributed. The 2019 film, directed by Bong Joon-ho, became the first non-English language film to win the Academy Award for Best Picture — a symbol of Korea’s cultural ascent. Through CJ ENM, its entertainment and media arm, the conglomerate now drives much of the Korean Wave, or hallyu. Its Mnet Asian Music Awards — staged in cities like Macau, Singapore, and Hong Kong — claim over one billion global viewers, according to company data. At the same time, CJ CheilJedang, its food subsidiary, has orchestrated a parallel expansion of Korean cuisine. The company identified seven “Global Strategic Products” — mandu (dumplings), cooked rice, chicken, K-sauce, kimchi, dried seaweed, and gimbap rolls — as its culinary emissaries. Between 2017 and 2022, U.S. sales surged from 1.6 trillion won to 8.2 trillion won, with North America now accounting for roughly 80 percent of overseas revenue. CJ has also planted restaurant brands across major cities, including Bibigo, a fast-casual bibimbap concept, and the bakery chain Tous les Jours, which debuted in Los Angeles in 2004 and has since expanded to China and Vietnam. As of 2024, CJ Group reported annual revenue of 43.65 trillion won (approximately $32 billion), making it South Korea’s 13th-largest conglomerate. Its diversified revenue streams reflect the breadth of its business: CJ CheilJedang contributes 44 percent of group earnings, logistics unit CJ Korea Express 27.6 percent, entertainment via CJ ENM 10.4 percent, and health-and-beauty chain Olive Young 9.4 percent. The company’s biotech division, once a global leader in amino acid production for animal feed, is now up for sale — a 6 trillion won divestment that will refocus efforts on newer priorities. CJ’s future ambitions are captured in its “World Best CJ 2030” strategy — a plan to become a global leader in at least three business sectors. To this end, Lee Jay-hyun has pledged 20 trillion won in investments through 2025 across four key pillars: culture, platforms, wellness, and sustainability. That includes 4.3 trillion won allocated to intangible assets such as artificial intelligence and big data. CJ is positioning itself as a meritocratic outlier in a business culture often shaped by age and hierarchy. Lee has promoted a philosophy he calls hagojabi — advancement based on talent, not tenure. The result: roughly 75 percent of the company’s workforce is composed of Millennials and Gen Z, with employees born in the 1990s now making up more than a third of staff. From sugar to cinema, from soybean paste to social platforms, CJ Group’s evolution mirrors South Korea’s own: scrappy, ambitious, and global in outlook. 2025-05-29 09:53:23

Korea weighs US trade demands with economic impact study SEOUL, May 28 (AJP) - South Korea has begun an economic feasibility study as part of ongoing trade consultations with the United States, signaling preparations for potential agreements that could carry broad implications for the country’s economy, according to government officials, Wednesday. The Ministry of Trade, Industry and Energy has commissioned the Korea Institute for International Economic Policy to assess the economic ramifications of current discussions with Washington. The talks have increasingly centered on non-tariff barriers and the goal of achieving more balanced trade. The latest move follows a second round of technical consultations held in Washington from May 20 to 22. For the first time in the ongoing talks, American negotiators raised concerns over non-tariff barriers affecting a range of sectors. These included long-standing issues related to South Korean restrictions on beef and rice imports — topics highlighted in the U.S. Trade Representative’s annual National Trade Estimate report released in April. The list of U.S. concerns also extends to market access limits on pet food containing ruminant ingredients, offset requirements in defense procurement, and regulatory obstacles for imported vehicles. Additional topics reportedly include pharmaceutical pricing mechanisms and restrictions on Google’s precision mapping services in South Korea. While the two sides have not yet entered into substantive negotiations on individual items, Seoul is conducting preliminary assessments under the Act on the Conclusion Procedure and Implementation of Commercial Treaties. The law mandates economic feasibility evaluations and parliamentary briefings for trade deals that could materially affect the national economy. “The United States may have put many issues on the table as part of negotiations, but given the compressed timeline and South Korea’s domestic circumstances, Washington is also aware that finalizing discussions in the short term will be difficult,” a South Korean government official said. Negotiators face a July 8 deadline to wrap up discussions, but final decisions are widely expected to be deferred until after South Korea’s presidential election on June 3, leaving key choices in the hands of the next administration. 2025-05-28 17:11:27

Two-day early voting for presidential election set to begin on Thursday SEOUL, May 28 (AJP) - Early voting is set for Thursday and Friday, with next month's presidential election just around the corner. About 3,500 polling stations have been set up including at major railway stations and airports across the country. Voting hours are from 6 a.m. to 6 p.m. Voters with valid ID cards can cast their ballot at any polling station, regardless of their registered addresses. They can find information about the nearest polling locations on the website of election watchdog National Election Commission (NEC) as well as through several mobile apps. The NEC will also provide hourly updates on voter turnout to enhance transparency and dispel any suspicions of fraud or vote rigging. Meanwhile, campaigners are making all-out efforts to get as much support as possible in the early voting period, encouraging people to vote early. According to a party spokesperson, Kim Moon-soo, the presidential candidate of the ruling People Power Party (PPP), plans to vote in Gyeyang, Incheon on the first day of early voting. Kim reportedly chose the district as a show of determination to win the race, as it is the constituency of his rival Lee Jae-myung of the main opposition Democratic Party (DP). Kim will then continue his campaign in nearby areas including Ansan, Anyang, and Uiwang in Gyeonggi Province, hoping to turn the race around. Lee, who remains far ahead in most polls, is also expected to cast his early vote in Seoul on the same day. In the latest poll of about 1,000 voters conducted by pollster Realmeter earlier this week and released on Wednesday, Lee garnered 49.2 percent of support, followed by Kim with 36.8 percent and Lee Jun-seok of the minor centrist Reform Party (RP) with 10.3 percent. With early voting just hours away, the slim chance of the PPP and the RP teaming up seems all but vanished. Even if Kim eventually persuades the younger Lee, who adamantly refuses to field a single conservative candidate, to unite, it is unlikely they would overtake the frontrunner. No more opinion polls can be released until South Koreans cast their ballots on June 3, leaving voters in the dark about any last-minute developments or potential changes. The snap election comes after the Constitutional Court of Korea's ruling early last month to impeach disgraced former President Yoon Suk Yeol over his botched martial law debacle late last year. 2025-05-28 15:55:26

Over 6,000 armed police to escort ballot boxes in Seoul for June 3 election SEOUL, May 28 (AJP) - More than 6,000 armed police officers will be deployed in Seoul to escort ballot boxes and maintain security during South Korea’s snap presidential election on Jun. 3, the Seoul Metropolitan Police Agency said Wednesday. The early election was triggered by the impeachment and removal of former President Yoon Suk Yeol in April, following a Constitutional Court ruling. With the presidential term vacated, the country must elect a new leader within 60 days, as stipulated by the Constitution. In a press briefing on May 28, police said around 6,200 officers will be placed near 426 early voting sites and 2,260 polling stations across the capital. Another 1,250 officers will be assigned to secure the outer perimeters of 25 ballot counting centers. To ensure the safe return of ballots, a separate force of about 6,400 armed officers will accompany the transport of early, main, and absentee voting boxes. The move appears to be aimed at preventing disruptions and addressing lingering public concerns over vote-tampering. “Because the next president’s term begins immediately after the election, we are preparing security based on past inaugurations,” a police official told reporters. Authorities are also conducting safety checks at 72 key national facilities and 315 transport hubs considered vulnerable to potential threats. Police special forces will be on duty during the inauguration ceremony. From May 29 to 30, the two days of early voting, police command and staff will remain within their respective districts. On election day, a top-tier emergency alert will be in place, mobilizing all available personnel until the conclusion of the new president’s inauguration. As of May 28, Seoul police had investigated 369 election-related cases, involving a total of 480 people. Among them, 162 were related to the five major categories of election crime. 2025-05-28 15:48:19

Seoul ranks 15th in Global Cities Index, second among Asian cities after Tokyo SEOUL, May 28 (AJP) - Seoul placed 15th overall in a global ranking of urban economies, according to a report released on Wednesday. Seoul climbed 26 spots from 41st last year to become the second-highest ranked Asian city after Tokyo which came in 9th, in an index by Oxford Economics that evaluated 1,000 of the world's largest cities across five categories - economy, human capital, quality of life, environment, and governance - to compare each city's strengths and weaknesses. With eight of the top ten cities remaining unchanged from the previous year, New York ranked first, followed by London, Paris, San Jose, Seattle, and Melbourne. Sokoto, Nigeria, was the lowest-ranked city in the ranking. The U.K.-based research firm hailed Seoul as "one of the major economic centres in both Asia and the world." In particular, Seoul ranked among the top 20 cities in the economics category, "primarily due to its substantial GDP size, achieved over several decades of remarkable economic growth," which transformed it from "a war-torn nation into one of the world’s leading economies." But the city ranked lowest in the environment category due to "relatively poor air quality." The index also pointed out that South Korea "now faces a period of political turmoil that began with President Yoon Suk Yeol's declaration of martial law in December 2024 and his subsequent impeachment," suggesting that future rankings may change depending on "how the political crisis is resolved." Meanwhile, the firm offered a positive outlook for the global economy despite looming uncertainties. "Trade tensions and deglobalisation are causing considerable headwinds to economic growth worldwide, potentially triggering substantial shifts in supply chains and the way countries do business with each other over the coming years," the report forecast, adding that "the world's leading cities have historically demonstrated resilience, making them best placed to navigate current challenges." 2025-05-28 14:58:08